If Hiring More Workers Results in Each Additional Worker Contributing

question 11

Multiple Choice

If hiring more workers results in each additional worker contributing successively smaller amounts of output, then which of the following is present?

• A)diminishing profitability
• B)diminishing total product
• C)diminishing marginal product
• D)Both b and c are correct.

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Definitions:

Collective Bargaining

The negotiation process between employers and a group of employees aimed at reaching agreements to regulate working salaries, working conditions, benefits, and other aspects of workers' compensation and rights.

Economic Pressures

External financial challenges that affect individuals, businesses, or economies, including inflation, unemployment, and market fluctuations.

Strike Vote

is a formal decision made by union members on whether to proceed with a strike action if negotiations with the employer fail to meet their demands.

Bargaining Power

The ability of a party to exert influence over another party in negotiations to obtain favorable terms.